February 29, 2012 / 3:38 PM / 6 years ago

Wireless gains boost profit at Quebecor's Videotron

Feb 29 (Reuters) - Media company Quebecor Inc posted solid revenue growth and a jump in quarterly profit at its Videotron unit on Wednesday, mostly due to wireless growth and one-off financial gains.

Profit at the cable and wireless unit jumped almost 69 percent to C$161.9 million ($161.9 million in the fourth quarter, on a 7 percent rise in revenue.

The unit added 32,500 wireless subscribers in the quarter, ended Dec. 31. It launched the service in late 2010 and now has a total of 290,600 customers. It added 17,300 cable television customers.

Much of the jump in profit was attributed to a gain on the value of financial instruments compared with a year ago, while the company also said the roll-out of its wireless network had added to its operating costs. Revenue from mobile phone service more than doubled to C$34.3 million.

The Montreal-based Quebecor parent company is due to release its full financial results on March 15.

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